Learn who we are and how we serve our community
Meet our leaders, trustees and team
Developing the next generation of talent
Covering the latest news and trends in the marketplaces industry
Check out wide-ranging resources that educate and inspire
Learn about the governmental initiatives we support
Connect with other professionals at a local, regional or national event
Find webinars from industry experts on the latest topics and trends
Grow your skills online, in a class or at an event with expert guidance
Access our Member Directory and connect with colleagues
Get recommended matches for new business partners
Find tools to support your education and professional development
Learn about how to join ICSC and the benefits of membership
Stay connected with ICSC and continue to receive membership benefits
Canadian retail conglomerate Hudson’s Bay Co. and joint-venture partner RioCan REIT will sell the flagship Hudson's Bay department store, in downtown Vancouver, British Columbia, for $524.4 million to an undisclosed, closely held Asian real estate company, according to Reuters. The buyer is seeking to arrange interim financing from at least one Canadian lender, and the deal is expected to be finalized by mid-June.
The Hudson’s Bay–RioCan joint venture now owns properties that include Hudson’s Bay stores in Calgary, Alberta; Montréal; and Ottawa, as well as 50 percent stakes in Oakville (Ontario) Place and Georgian Mall, in Barrie, Ontario.
The venture was 88.1 percent owned by Hudson’s Bay Co., with the rest under the ownership of RioCan, but this deal's terms entitle RioCan to 20 percent of the sale proceeds, Reuters reports. CBRE and Brookfield Financial Real Estate Group handled the sale.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
